EMLP vs. AIRR

Last updated Jun 25, 2026

EMLP (First Trust North American Energy Infrastructure Fund) and AIRR (First Trust RBA American Industrial Renaissance ETF) are both exchange-traded funds - EMLP is a MLPs fund actively managed by First Trust, while AIRR is a Building & Construction fund tracking the Richard Bernstein Advisors American Industrial Renaissance Index. EMLP is actively managed, while AIRR is passively managed. Over the past 10 years, EMLP returned 10.25%/yr vs 22.14%/yr for AIRR. A 0.53 correlation means they provide meaningful diversification when combined. EMLP charges 0.96%/yr vs 0.69%/yr for AIRR.

Performance

EMLP vs. AIRR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust North American Energy Infrastructure Fund (EMLP) and First Trust RBA American Industrial Renaissance ETF (AIRR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMLP achieves a 16.00% return, which is significantly lower than AIRR's 32.79% return. Over the past 10 years, EMLP has underperformed AIRR with an annualized return of 10.25%, while AIRR has yielded a comparatively higher 22.14% annualized return.

EMLP

• 1D: -0.14%
• 1M: -2.11%
• YTD: 16.00%
• 6M: 15.88%
• 1Y: 20.04%
• 3Y*: 22.24%
• 5Y*: 15.86%
• 10Y*: 10.25%

AIRR

• 1D: 0.74%
• 1M: 4.33%
• YTD: 32.79%
• 6M: 28.48%
• 1Y: 62.89%
• 3Y*: 37.01%
• 5Y*: 26.09%
• 10Y*: 22.14%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EMLP vs. AIRR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMLP First Trust North American Energy Infrastructure Fund	16.00%	9.67%	33.39%	8.05%	10.39%	23.20%	-13.36%	23.40%	-8.70%	1.07%
AIRR First Trust RBA American Industrial Renaissance ETF	32.79%	27.92%	33.45%	31.43%	-2.08%	33.01%	17.17%	33.97%	-20.57%	16.28%

Correlation

The correlation between EMLP and AIRR is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.53
Correlation (All Time) Calculated using the full available price history since Mar 11, 2014	0.53

Over the past year, the correlation between EMLP and AIRR has dropped to 0.24 - well below their long-term average of 0.53, suggesting their price drivers have been diverging.

EMLP vs. AIRR - Sectors Allocation Comparison

Sectors	EMLP	AIRR
Utilities	54.0%	-
Energy	27.0%	3.8%
Industrials	7.9%	92.4%
Basic Materials	1.6%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	6.9%
Healthcare	-	-
Real Estate	-	-
Technology	-	0.7%

Return for Risk

EMLP vs. AIRR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EMLP

EMLP Risk / Return Rank: 73
EMLP Sharpe Ratio Rank: 71
EMLP Sortino Ratio Rank: 74
EMLP Omega Ratio Rank: 64
EMLP Calmar Ratio Rank: 84
EMLP Martin Ratio Rank: 72

AIRR

AIRR Risk / Return Rank: 82
AIRR Sharpe Ratio Rank: 83
AIRR Sortino Ratio Rank: 77
AIRR Omega Ratio Rank: 72
AIRR Calmar Ratio Rank: 89
AIRR Martin Ratio Rank: 89

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EMLP vs. AIRR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust North American Energy Infrastructure Fund (EMLP) and First Trust RBA American Industrial Renaissance ETF (AIRR). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	EMLP	AIRR	Difference
Sharpe ratio: Return per unit of total volatility	2.02	2.40	-0.38
Sortino ratio: Return per unit of downside risk	2.93	3.10	-0.17
Omega ratio: Gain probability vs. loss probability	1.34	1.38	-0.04
Calmar ratio: Return relative to maximum drawdown	4.07	4.83	-0.76
Martin ratio: Return relative to average drawdown	11.82	17.62	-5.80

EMLP vs. AIRR - Sharpe Ratio Comparison

The current EMLP Sharpe Ratio is 2.02, which is comparable to the AIRR Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of EMLP and AIRR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EMLP vs. AIRR - Drawdown Comparison

The maximum EMLP drawdown since its inception was -43.61%, roughly equal to the maximum AIRR drawdown of -42.37%. Use the drawdown chart below to compare losses from any high point for EMLP and AIRR.

Drawdown Indicators

	EMLP	AIRR	Difference
Max Drawdown Largest peak-to-trough decline	-43.61%	-42.37%	-1.24%
Max Drawdown (1Y) Largest decline over 1 year	-4.94%	-13.09%	+8.15%
Max Drawdown (3Y) Largest decline over 3 years	-11.47%	-27.95%	+16.48%
Max Drawdown (5Y) Largest decline over 5 years	-14.59%	-27.95%	+13.36%
Max Drawdown (10Y) Largest decline over 10 years	-43.61%	-42.37%	-1.24%
Current Drawdown Current decline from peak	-2.46%	-2.08%	-0.38%
Average Drawdown Average peak-to-trough decline	-5.75%	-7.46%	+1.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.70%	3.58%	-1.88%

Volatility

EMLP vs. AIRR - Volatility Comparison

The current volatility for First Trust North American Energy Infrastructure Fund (EMLP) is 3.55%, while First Trust RBA American Industrial Renaissance ETF (AIRR) has a volatility of 8.81%. This indicates that EMLP experiences smaller price fluctuations and is considered to be less risky than AIRR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMLP	AIRR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.55%	8.81%	-5.26%
Volatility (6M) Calculated over the trailing 6-month period	7.94%	20.61%	-12.67%
Volatility (1Y) Calculated over the trailing 1-year period	9.97%	26.36%	-16.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.49%	25.43%	-10.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.68%	26.33%	-8.65%

EMLP vs. AIRR - Expense Ratio Comparison

EMLP has a 0.96% expense ratio, which is higher than AIRR's 0.69% expense ratio.

Dividends

EMLP vs. AIRR - Dividend Comparison

EMLP's dividend yield for the trailing twelve months is around 2.76%, more than AIRR's 0.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIRR First Trust RBA American Industrial Renaissance ETF	0.13%	0.19%	0.18%	0.23%	0.12%	0.05%	0.10%	0.20%	0.43%	0.30%	0.08%	0.47%
EMLP First Trust North American Energy Infrastructure Fund	2.76%	3.18%	3.19%	3.92%	3.15%	3.29%	4.70%	3.71%	4.71%	3.80%	3.62%	4.63%

Frequently Asked Questions

Can I hold both EMLP and AIRR in my portfolio?

EMLP and AIRR have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMLP or AIRR?

AIRR has higher volatility (8.81%) compared to EMLP (3.55%). In terms of maximum drawdown, EMLP dropped -43.61% vs AIRR's -42.37%.

Which ETF is better, EMLP or AIRR?

On 10-year performance, AIRR leads with 22.14% vs 10.25% for EMLP. On fees, AIRR is cheaper at 0.69% per year. On volatility, EMLP has been the lower-risk option at 3.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMLP or AIRR?

Over the 10-year period, AIRR has performed better with a 22.14% return vs 10.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMLP or AIRR?

AIRR is cheaper with a 0.69% expense ratio, compared with 0.96% for EMLP.

Which ETF pays a higher dividend yield, EMLP or AIRR?

EMLP has the higher dividend yield at 2.76%, compared with 0.13% for AIRR.

What is the main difference between EMLP and AIRR?

EMLP is categorized as MLPs, while AIRR is Building & Construction. Their fees differ too: 0.96% for EMLP and 0.69% for AIRR.

Which has better risk-adjusted returns?

AIRR currently has the higher Sharpe Ratio (2.40 vs 2.02), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.